Spending cryptocurrency just got a whole lot easier for South Koreans. Locals, as well as the millions of tourists who flock to the country each year, have been handed a simple means of swapping crypto for cash after TRON partnered with MeconCash. The deal means that TRX and JST can be swapped for Korean Won at 13,000 cash points within the country. This should prove particularly beneficial to travelers, who are subject to limitations imposed on undeclared cash being carried when visiting.
JST and TRX Gain a Foothold in South Korea
A cryptocurrency network is only as strong as its fiat on- and off-ramps. Making it easier to switch from crypto-fiat and vice-versa is key to driving the adoption of digital assets, giving investors confidence that they can cash out easily when they have a liquidity crisis or wish to treat themselves. TRON has made significant headway in increasing the utility of TRX, integrating it into P2P exchanges, crypto debit card providers, wallets, and exchanges.
Now, TRX holders have been handed a direct fiat off-ramp at thousands of South Korean cash machines. MeconCash is a popular cryptocurrency platform and payment service that is deeply embedded into all facets of South Korean life. Used for mobile services, online commerce, gaming, and medical payments in cosmetic clinics, MeconCash bridges the gap between fiat and crypto. TRX will be spendable in all of the places where MeconCash has a presence, as will TRON’s JST token.
JST, which was issued via an initial exchange offering on Poloniex, has now been listed on numerous exchanges including HitBTC and Probit. Although designed for governance and lending in TRON’s MakerDAO-style defi ecosystem that’s coming to life, it can also serve as digital cash, swappable for a range of goods and services. USDJ is the crypto-collateralized stablecoin that complements JST, and which maintains a U.S.-dollar peg. Millions of JST a month are being airdropped to TRX holders, further strengthening the network effects of TRON’s emerging decentralized finance ecosystem.
Anticipation Grows Ahead of TRON 4.0
News of TRON’s ATM integration in South Korea comes at a time when the community is gearing up for the release of TRON 4.0. The biggest upgrade to the blockchain network to date will see scalability improvements that enable TRON to process more transactions more quickly. Support will also be added for private transactions and interoperability improvements will connect TRON with sidechains, enabling enterprises to launch their own applications and transfer assets to the main chain.
The revamped TRON will go up against ETH 2.0 and a host of new crypto networks in the battle for hosting dApps, DEXs, and decentralized finance applications. Increasing the utility of TRX among consumers in crypto-savvy nations such as South Korea will bolster TRON’s status as a retail-friendly crypto network whose native token has real-world utility. More importantly, it will provide a means for local residents and holidaymakers to swap crypto for cash without being penalized with high fees. It’s a win for South Korea and another leap in TRON’s quest for world domination.
Julia Sakovich(2020.07.04) TRX Is Now Spendable in 13,000 ATMs across South Korea
retrieved from https://www.coinspeaker.com/trx-13000-atms-south-korea/
